What Insurance Does a Retail Store in New Mexico Need?

Opening a retail store in New Mexico (or anywhere for that matter) is no small feat. It takes months of planning and arrangements. Starting a retail store in New Mexico is also going to be a significant investment, which is why you will want to get it right the first time.

While there are many factors that need to be considered once you’ve decided to open a retail store in New Mexico, one factor that cannot be overlooked is insurance. In fact, having no insurance, or worse – getting the wrong insurance policy for your business can end up making a huge dent in your pocket, which would have been easily avoidable had you did the research.

Keeping that in mind, we’ve done all the heavy lifting, so you don’t have to and have come up with all the information you need for retail store insurance in New Mexico.

In case you were wondering about the types of insurance for retail stores in New Mexico, then you’ll be glad to know that there are quite a few, and all of them offer coverage for a particular aspect of your business to ensure your complete protection.

If you are one of the estimated 155,000 small business owners in New Mexico who is operating a retail store, then these are the different types of insurance coverage that you will need for your retail store.

The first type of insurance policy that a retail business owner is going to need in New Mexico is called Business Liability Insurance. This is the best place to start if you are starting a new business and want to learn more about general liability. This is mainly because this policy is going to provide coverage for emergency services along with continuing care for someone who gets injured on your property. 

For example, if a customer slips and falls on a wet floor in your store, the general liability coverage will pay for the costs of the customer’s injury along with any property damage in the store. This makes business liability insurance (general liability) a must-have for retail stores in New Mexico. 

It is crucial to make sure that all medical expenses, including business property, are covered by your retailer insurance policy in New Mexico. This is where business personal property insurance comes in.

This provides you coverage for any damages that are done to your store, such as fires, sewer backup, or vandalism. For any items that are lost as the result of such instances, the business personal property insurance will cover the replacements. This alone makes it a must-have for any retail store in New Mexico.

Workers comp protection is pretty much self-explanatory. One of the best ways of protecting your workforce is to get a worker’s comp coverage which can be added to the insurance for a retail store.

This coverage comes in handy in case your workers get injured while working at your retail store. Since accidents can happen despite following all the safety protocols, it pays to invest in worker’s comp just to be on the safe side.

Umbrella liability is also known as excess liability and is another important type of insurance coverage that you need to get when looking for insurance for a retail store. Once a retailer realizes the importance of general liability, they often get excess liability as well.

The whole point of this being added to a retailer’s insurance policy is so that they can get extended coverage which can be very helpful when it comes to covering medical expenses, which tend to pile up very fast once an employee gets injured while working at the retail store. If the coverage of the general liability policy reaches its limit, the excess liability kicks in to cover any additional expenses.

This is one area of a business that retailers often do not pay attention to, but it could have a drastic impact on the overall wellbeing of your business. In the digital world that we live in, where almost everything can be done online, it pays to ensure that you and your business are going to be protected from cyber criminals.

Adding cyber crime liability gives you the coverage you need when you are targeted by cyber criminals. As the name implies, the cyber crime liability offers coverage for all losses that were the result of a cyber attack on your retail store’s management system.

Apart from the regular insurance policy that you are going to require for your retail business in New Mexico, there is also additional coverage that you may need, which varies depending on the individual business.

Some of the common insurance requirements for retail stores in New Mexico include the following:

Another area of insurance for retail stores in New Mexico that’s often ignored is commercial auto insurance. If you are a retailer that also operates business-owned vehicles, then you are definitely going to need commercial auto insurance to safeguard you from expenses due to damage to the car and damage to other property because of your business-owned vehicle. 

According to the law, retail businesses in New Mexico are required to have a property damage liability of up to $10,000 per accident and up to $50,000 in bodily injury liability per accident, which is a lot of money, and just another reason why you should get commercial auto insurance. 

Finding the right insurance for a retail store in New Mexico can be a tough nut to crack for many potential business owners, and the variety of options available in the market doesn’t make the process any easier.

However, by doing some research and comparing coverage and prices, it is possible for new business owners to find the right insurance for their retail business in New Mexico without having to spend too much.